An affiliate of Next Realty, LLC announced the acquisition of Arlington Executive Plaza, a medical and general office complex consisting of six single-story buildings located at 3335 – 3385 N. Arlington Heights Road, Arlington Heights, Illinois. Terms of the acquisition—the fourth for Next Realty Fund IX, LP, a fully diversified investment vehicle—were not disclosed.
The six buildings at Arlington Executive Plaza total approximately 62,500 square feet of space and are situated on more than 6.2 acres of land. The property is 90 percent leased by a varied roster of tenants. Nearly half of the complex is occupied by tenants who specialize in medical-related fields.
“Given the diverse nature of the tenant mix, the investment presents an opportunity to acquire a stable revenue stream and generate an attractive yield for our investors,” said Branko Kuzmanovic, director of acquisitions, Next Realty.
The largest tenant is Autism Home Support Services, Inc. (AHSS), an autism center in Chicago which specializes in applied behavior analysis. In addition to two Chicagoland facilities for center-based care, AHSS is one of the largest in-home ABA therapy provider in the Midwest.
Other key tenants at Arlington Executive Plaza include integrated automation system provider Cooperative Computer Services; Dawe’s Laboratories, a manufacturer of feed fortifiers and vitamins for poultry, livestock, fish and pets; BACT Process Systems, Inc., a designer, supplier and installer of air pollution control devices; Arlington Counseling Associates, Ltd. and the offices of Dr. Kordas Pediatric Health.
Arlington Executive Plaza is strategically located near the intersection of Arlington Heights and Dundee Roads and benefits from the dense communities of Arlington Heights and Buffalo Grove. The property includes beautiful, park-like landscaping, outdoor features and 246 parking spaces.
Tony Lombardo of Property Services, Inc. represented the seller in the transaction. The acquisition was financed by Wintrust.